Ghesquière released a statement, expressing his joy saying, “I am so happy. It is an excitement. A feeling that what I lived before was preparing me to do this."

Louis Vuitton is just as excited about the new reign, which is effective immediately, describing their new director-in-charge as “a modern creative vision to the house’s women’s collections, building on the values of refinement, savoir faire and extreme quality.”

Obviously, the former Balenciaga creative director has some big, fashionable shoes to fill, but we are confident Louis Vuitton's future is bright in Ghesquière's hands. Here are five reasons why.

"I am very honored of the mission that I am entrusted with, and proud to join the history of this great maison. We share common values and a vision," said Ghesquière.

The new artistic director will show his first collection in March, and does not plan on giving any interviews until then, so as to keep the autumn 2014 collection a surprise.